USA > Indiana > Allen County > Standard atlas of Allen County, Indiana : including a plat book of the villages, cities and townships of the county patrons directory, 1898 > Part 13
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"Tho draner of n clu ek Is not n'surely In the same sepre ,is is the denher of a bill of exchange, lint Is the juilnelpnl ile blor the the wigher of s nole. He enimnot rompinlu of any itelny In The presentment, for It le an absolute nja- propriation to the holder of so mich inour, In the hands of the bruk, mint therolt wny lle at the hohler s plensurd The delay, houcier, In at The lojiler's risk, and If the hanh should full after he could Inte and his muone) the loss Is lil4, 1t, before he presents the everk, lhe taub pij sont atl the money of The ir.mer, then he niny look to the dran er fur payruent If than holler of n check transfers | lo amother hie ligy the right to expect that tt u Ill be presented for pny ment nithiin a reasonable ilme, He has the right 10 expect that It will elfher he presented the next iny or started to the point on whleb |1 1s denun if ht Is held biyond a reasonable tlmy mul a loss Is oreoslonen thereby, the party responsible for the dlelmi must benr the loss, If a bank pay an forged theek It Is Ro for Its on u loss Ihnt It enn- not change the whitney to the depositor irhose nome iras forgen But | |4 eniliird to recover the muoner from the party who presented !, Iflt pay a check of irhigh the amounthus heen fisch and fromlnlenity Inerenend, 11 ean charge the dranei onby irlth tbe orlgluent ninyunt, proinled the iltanel hilevel [has not enitsen or furliltuted the for gery by enreliesly writing It ar learing it In sneh handsne in snahe the forgir} oralifrattonrusy In -mur of the Stules the Supi pour Court has derbird In enyes where checks aur ' raised" That the drau er inist bear the fosuis they had falled lo take rensale able preruution to prevent || Perforuting and t utlug muehl nes are on the market ulileh make It almost Impossible to raise or uller the amounts an as to nroll detection, until the temilene) of the ilrelslons Is to reganil thu use of these as only n reasonable precaution on the part ofcheck dratt ery in save theli hank frow trouble noil loss Soute, howerrr, alopt the plan at weltlog the amount In red Inh across their signature
If many persons, not partners, jolu In a ileposit the" innst jole In a check, If n p.nee's name Is iulsspelleil or u rong In n check, the uqual finn Is to endorse It Aritexnelly as It nppeurs aml then sign the nntwe correctly. There Is no settled rule as to how checks should be draun. Inuearly ull 1be eltles It is nu almost Ini arlabile rule lo inuke thum jinyable ""tu order" RO a4 to require the endorsement of the pasce, but In smaller touns many check drijvers make them parablo "o bienrer," In irlileh rose they require so enilorsement, and It lost or stolen may cause los8-as whoever presently Alleli a Theek at the huub Is entitled to payment
DRAFTS
A DRAFT Is n form of an " Inland bill of exchange." The Ino forms of bilin of exchange u wally called " dinfts" are the ban's ilraft for exchangel und the "sight or time ilraft." The bank undfils, to all Intents and pur poses, the same as a check, but the term 14 usually applied to "cheeky " draun by one bank upon funds which It may hare In some other hank, lerined Its " correspondent." A draft IN but very beldoi made payable in brarer, It belog almost on Int urmble into to make thein |myable to n cer Inin payce or order. They nre Degoiluble and can be transferred luded ultely by endorsement. If a draft Is lost or stolen, by upph lug to the bagh tant Issued it, the payment enn he stoppel, aml after the expiration nf thirty days n duplicate u Ill hr Isaned.
The "Sight Draft " or " True Draft," In u hleh caso It reads to puj aftel a certalu unuber of days, la nter common method of making collectlou Ionly by' ereditors, aud It series the double purpose of being un oriler in pny to n bank or flurd party, and Is also a receipt to the debtor It Is ali ple In Its wordlug, the following belng o general form 81000
Cutcano, JUNE 1, 1804 At sight (or so tunny ilays after night as the case inay he) pos tu the order of -
Batik One Thousand Dollars and charge fo wi iteconnt, To Gro, SIME, NEW York, N Y. JonY Sius,
ENDORSEMENTS
THE algunture of niny payer or holder of the back of any cherk, draft, note, bill of exelhuge or other negotiable lustriiment Is terwird bls "'in alorsenirut " It simply uiunns the plneing of the wanie of the bolder, ar pnj ce, un the back of the Instrument, thuslidleating that, for n ronsider. atlon, he has relugulsheil als title to It, amil In the absenre of any rondt- tion or qualideation expressed In the endorsement, It tagilles Hint the en- dorser ullt wee thal the luntrument Is pold In case It Is not taken up by thi unker or payor Where the Instrument Is maile payable to "bearer," as tu "lohn Sims or heorei," to endorsement Is prersenry to pass the title-it passes ulth dellvers aud nus holder mas colleet or Aur upon It the name ns If he nore the pnyce named thereto, Ja a case of this klinl If uns bofder PH. ilorses the lustrnoient, the Inn Is countrued sIrteils against him, ond, #~ 11 Hak not necessary for him lo endorse to pass title, the law presumirs In the nbuence of n posli|ve quelltention that his endorsement uns unde for thi purpose of Indlenting that tu. world pny' It If the pay or fulled to ilu su Where sereral foi cis are untied In the Instrument It must bene for ell ilorsemeut of all of them to pass the title and mahe onu transfer of lt 1n this case, however, their liability as endorsers is jolot, Mit several. But w birre ino or inore hinllers endorse one after the ofber in making n transfer from one to the other their Inbility Is sertral, Uit joint
Every check, ilruft, bill of evelinuge, note or nther negotiable Instru- ment uhleb le monile piay abile to n cerinti] 'quy ce or order" wulst bear the endoreminent of the party unmed, to pays the ilite, and di on In enses ahere they are iunile payable to "bearer" It Is generally viistomary fir the thirty 10 u bom a transfer is made to require the person fromn uliom ho secures It to place his endorsement thercon
There are several kinds of endorsement ullth sbonld be meutloued In this rouneetton. The first 1s the "binuk endorsement," or "endorsement In blank, " lu making u hicb thr pins ce alenply places bis signature on the bark nf Ibe Instrument, illbont conillilon or quallocation of any kliml This pasacs the ttile to the lustrumrut, nil, from thut thine au, It becomes |in - able to hehrer, and the title pneses ulth dellvery, wuill some subsequent holder sers M to Imit It to making it payable to some oflier payee, nr pinces Home other quolldration or condition In the endorsemeut. Wheun negotiable Instrument hearing a " blank euforiement," has oner been piit luto elruntlation, any subsequent holder of it lins the ilgut to limit or restrict It by irriling the conditions over bils own endorsement, or, by uriting over the eniloracment of the orlglunl meyer, nouls making it puis able to hlinselt or some other parts, "or order." Tuls polni has been deilded by Ihr Alpreme coniris of mercial of the States,
The enilorvement may be restricted or qualllled In n umher of ways Dne, which la enlted & "full endorsement," Is very common lu the business uorhl It Is almaply the act of the parce named making hi payable In some other cerinių pinyce ur order To do fula, the endorser wellesos the bach nt the Instrument, the directions, as " P.ut to Jabu Sims, or order," and places hle alguninre beton 11 This does not that his liability as an endorser, but the title ist the Instrument must thereafter pass through John 8lug, and |1 must bear bly endorsement before it ulli be pall or tumored.
Entered according to Act of Congress, In the your Isti, by Geo. A. OGLE & Co., in the office of the Librarluo of Congress, at Washington, D. O
SUPPLEMENT VIIL
GENERAL INFORMATION ON BANKING AND BUSINESS METHODS.
Anolber rommnou form of Ilmlling the endorsement Is to enable Ibe payee (when it Is made payable to lls order) lo tronofer his title to the Instrument telibout brromlug responsible for lis pnymcot, und waking the party to whom It Is tritisferred nsaume all responsiblilly cuneprotug pat - ment, To do this the rodorser writes the words "Without Recourse" over lils slguature, which has the effect of relinquishing hals title without mank. Ing him Ilable to the holder In euse the puynr falls to take It up.
Another method of Ihultlug tbe eodorarieut is to minko It comIltloual, # good Illustration of which Is the following' "Pay to Jobs Sims ar order upon lls dellverlug to the First National Bunli i warranty dued to lol 5, block 4, ete.,"" beloir which the endorser placey bls signature Ile enn also innkolt paynilo to "A B, only," or in equliulent wonls, In whitel case "A, B." cannot endorse It over
In fact, the endorser has the power to limit bis endorsement as he sees til, and elther to lessen or lucrense hil . lublilly, such as eltber "onting up. tice of ilttoattdl ," maklog lits endorsement a "geweral und spreint gunrouty of payment " tonll futurebioblers, ete , but he eauaot, by lily endorsement, elther Inerenso or lesseu the liability of any other endorser on the Instrument,
An enilorser, da a rule, is entitled to Immediato notlee In casa the paper fails to pay It This is the case in nearly all of the United States, as It hus been a rule of the "law merehunl" for manny years A few modttientions, hoirever, of the general "lan merebnul" linie been inudy by sintute In ser- eral of the States, relatlug lo negotiable poper, In elmoglug the enlurser's liability by rendertug hils contract absolute justend of conditionnl, maklug notleo munecessary unless he suffer+ damage through want of It, or regule- ing o judgment to be Drst rreosried before he ran be belil In the absence, however, of statutory pirovlwiony ot this klud, und they only evist lu a few of the States, U inny be sald that to hold endorser4 they must have prompt uotlee of non-payment, anil it niny be sald to lie a general rule of the "Inn merchant ' that all parties to negollable puper as endorsers who are utr. Ulled lo notice are ilscharged by want of uotleo The demand, nollce nud protest must be made according to the laus of the place where p.i able .
The term Protest is applied to the offfelal set by an authorized person (usually a Notary Publles, whereby be utBrors in a formul or preseriliel thanner Itt writtop that a cerinlu tilll, ilraft. curek or other negotiable paper lins been presented for acceptince or fias ment, as the case miny be, amil bren relused This, and the notlee of the "Protest," which must be seul to ull endorsers and parties to the paper Is to nollty them offfelnilly of il4 lallure,
GUARANTY.
A "GUARANTOR" Is Que nyols buntil to muother for the fulfillment of a promise, or of un engagement, made by a third party, Tlils ktil of com. tractie rery comoion, According to the "statuto ot trauds" it must be lu well- tog, and unless It Is a sealed Instrument there must be a consideration to Bitjiport It Asn rule It is not negollable, so asto be enforced by the traus lerec as If It had been givento lilm by the guarantor, but this depends upon the wording, us, If It contains all the characteristics of a note, payable In order or bearer, It ulll be held negollable, A contract of guarual3 14 coll. strued sirleth, and, if the lublilly of the prluelpnl be materially vai led by the act of the party guaranteed, without the vonsent of the guarantor, the guarantor Is discharged The guarautor Is also ilischargeil if the Hublilly or obligation Is renened, or exteruled by Inu or otherwise, unless be lu writing reneus the eoutraet. In the case of a bunk Incorporated for twenty years, which was renened for ten years more wllbout change of officers. Ibe eouris held [ hat the original suretles could not be held afterthe dral term.
The guaranty cun be enforced even though I be orlgtnolicht euunol, ale the ense in becomlug surely for the ilebt of a minor A guarantor who (Im) 4 ibe debt of the prluelpil t+ quiltled to demand from the eredllor nul the securities be brolis, or ot the note or bom whileh deelures lhe debl , ninl, in youre States, the creditor cannot fall back upon the guarantor until he has collected as mittet uy possible from these securities nud exhausted legal reweilles against the muiuelpal If the debl or obligatlou be first lucurred and completed before the guaranty Is given, there must be a nei consider- ation or the guaranty is vold.
A gunraniy Is not bludlug unless the guarautor has notice of Its nei epl- ance, but the lan presumey this neeeplance when the offer nt guarant; ail nein of the prily to whom it la given, such as drilvery of goodsor polemiug credit are sunultaneous Bnl an offer to guarantee u Inture operation does not blod the utferei unless te bris quel notice of the neceplatuce ne will ar tord film reasonable opportunity to make himself safe A creillior may give Ils ileblor some lodulgence or aceunimodation weltbout ilwburglug the guarantor, nuless It should bare the effret of prejudielng the interestu ot ibe guaruutor, la whlehi ense he would be released Generally a guarantor way, at any time, ping a debt anil so, at once, linve the right to proceed ngalost the debitor Where There lins been lallure ou the part of the urlnel juil and the guarantor is looked to, he must have reasonable notice-anil noller ly dermed reasonable If It prevents the guarautor from suffering from the dela).
It Is, In many enses, difficult to sny-und upou It rests the question of legal Ilabilir-nlether the promise of que to jny for goods delivered to noother 14 nn original promise, ns to pay for one's on u goods, In u biteli easy li need ust be lu writing; or n promise to pay the debt or guaranty the promise ofhim to whom the goods are delivered, In which case It must be Qu writing The question generally resodies Itself Into this' To whom did the sellergire and uns authorized to give ereillt? This Is n question of fuel und not ot las. It the books of seller whowy Hlnt he chargeil them to the party to whom lie dellvereil them, It Is almost Impossible forhim to butd the other party lor It, but if on the other hand It Is shown ]but he regardent the goods is being sold to the party ishom It to destrel to hold, but ilettr- ered them lo mother party and It Is sn shown on his looks, It la vot regunled as a guaranty, but an orlgluul or rollateral promise, aml would make the party liable In general, n gunguntor of a bill ur note la imt entitled In such arlet pail cauri notice as an euilorser 14 cutitleil to, but only such uotlee as shall save him from actual loss, as be ean not make the traut of nollce hla ilefense unless be eau shon that It was nureasonably withhent nud that be suffered thereby. There is a marked iltfference In the elfret of guaranty of the ""payment," or of the "colleetlon" of n debl. In the tirsl case, thecredllor can |ooli fu the guprautor at aus thine ; In the lutter, tbe eredlior must exhaust his legul remedies for colfreling It
ACCOMMODATION PAPER,
% accommodation bill of note i one for uhleb the neceptor or maker has received un coualderution, but bus lent ble namr aul credit to ner ons modale the drawer, payee or holder, fle is bound to all other parties Just us completely na If there were a good consideration, for, if this wnquot the case, It would be of no i Blue lo the party accommodated He In gol nitoned to met up want of ruoshlerallon as n detense us against auy holder for salue. But he is not boinul to the party u bom tie thug accommodates, no maller hors the Instrument may he drarvo,
IDENTIFICATION
GHE mere aut of Identify Ing n jurty ormaking him kuon u to a banker ear- rien with I1 no liability ou the part of the party uho thun preforms It, musterallesh be shown there wus frisund or colluslou, Customers of banks arr frequently asked to Identify mw) multe konwn In their on u huitkers, strung- ers who ilpaire cheeks or ilrafts enshed or other necommoallons, In som ( ages a mere jutroduellou Is all that is necessary, but only brenuse thr banker relles upou the honor and Integrity of his enstomer, kuoning tunt an Inypiroper person would gol Ive justrodneed, for Injvense of this ldind the bank wasumen all the risk Generally speaklug, however, Ille an almost Iuvurlable rule with bunkers, as It Hlinabl be, In require their customvr to vidorse all draftnor checkn whleli are honorest for the striviger. In thily case the endorser becomes personally Unble lotlw bank If uny or all of the drufte or cheeks prove worthless
Aw endorsement widely Is frequently miniluby partles who are asked to leullly otters lu to merely lodleate that they know the quarts to be the
payer named In the check or that the signature of The payee or party' is for- reel. "This is done by writlug the words "Siguature O. K " under the party's name and signing 11. Tule ling the effect of guaranteeing that the party's wume lens written nod that It Is bile proper signature It does not guarun. tre that the elicek or draft is good or will be pant, but urrely us expressed, that the signature Is correct, und the uuly linbllll nesuwed Is that he uil Ing the amount In case the signature proiryu forgers, Mtony banks, how- rver, will not necept paper endorsoil ibls ns. ail justly so, for It throirs upon them the burden of the risk.
RECEIPTS AND RELEASES
ANY acknowledgement that a sum of money biay bertt phlil In a receipt. A receipt whichreads "in (ny)" though adustitel to be strong evidence |4 hy no menas legally courlustve. Il the porly signing It can show un error or milstake, It ulll be admitted lu bis invol. Revelpts for money will be held open to examinatlou, and tho porty boldlug it must abile the rewills ut smelt exumluntlow- the great nim of the Inw being to aimluister strlet Justlee, A receipt may be of ilfferent degrees of exjillelluess, ns the word "Pali" or"Received Puymoent'" ivrilen ou a bill, A " release " Is shopb) a for in of receipt, lint Is more hluding upon the parties, Inasmuch as, If prop- only draun, wuler -ral, bir a coupleinilon, it is a complete defense to naj artlon based on the ilebts or elalins so telensed, Herela, releases illffer from tegelply, A release Is In the i ature of a written contract ,und therefre cannot be controlled or contrudleted by evidence, unless nu the growthl ol Ir.und. But If Its words are nibl guons, er miny bave elller ol Ino or morr inranings, et lience le reerlinble In deteriblue the meaning.
INFANTS AND MINORS
THE lucapacity of n person to makea i ultil contibet may urise trom several enuses, and Ibe fuel of being un lufant, or minor, Is one of them, The general rule of lawr may be stated as being that the eoptruet of un lufant or minor Is not alniis void, hut Is votdable, amul in many cases speelul excep- tlon Is maile, glylug tallillis to thele coutruets for necessaries. By being voldable, but not vold in themselves, means that the lufant has the right to dlant our nud .munul the contract, elther before or within u rensonalle line after ho reaches hly majority He may do this by word ouls, but a mere acknowledgment that the debt exists In not enough, pui It must be mult- slantially a uer promise,
AGENCY
THERE are a few uellsettled and important rules of law governing the miiller ol ageuts and ugenes, uhich evier business muun should under Altiibl thoroughly. The relatlon uf principal und agout Implies that the priuelpal acts by aul through the ngeut, A prluelftal Is responsible for the aets of the agent only uben be bas hrtually glien tull multorils to the agent, ne ulien he has by his nords, or his ,iets, or both, enused or permitted The person nlth whom the agent deals lo belleve bim rlotbed with this author tis This le a potut which Is not uluurs thoroughly understood, but it is . well-sellled primeluile ol Liw There are ly o kluds of ngeuls-general ail speelnl A general ngeol Is one authorized to represent his quinelpul In all his business, or In all his bustuess nit n portleutar klud, amil bifs poner i> Binlted by the wayut scope oud chur,teler uf the busluene bir 14 Pingonered lo transact. If he isgiven ont as the gebernl agent, the p rir- Ipal is bound, even if the ngeut truusrends hle netunl authorlti, bul does Lol go beyond the natural oud usual yenge of the business
On the olber han, a special agent le uye punithorized lu ilo only a speel- fe thing, or a fen speellleil things, or n specilled Ilne of work. Iftbla aperfnl ngent exceeils hits authority , It miny be stated na nu almost luvariable rate that the piritielpnl Is not bound, because the party ilenting with the agent inust luguler tor bilmeelf nud at bis outt perli, luto the extent nuil Hults of the authority gtien to the agent Especially 1- tlus the case ithere Ibo party kucu lunt tbe agent had been or tras engaged in attending to a [Lir- Urnier and speeltlidl que of work connected with the business of thin prinei- pal The purty, honerer, ts unt bound by nuy sperlal resoprations or built- allons miadescerety by the prlucipnl of which he had to reasoninble of ens) miruus nt haring uotlee The authority of un agent inay' be ghicu by the prinelpnf, In willing or oralls, or may be Impilled front certain Heis Thus In person puts his goods into the ently of nuother ultose busluens it Is to sell such good«, be muitosizer the whole world to believe that this person uns them for sale; mul ally person buy lug them honestir, In this belirt would hold them IL one, know lug that quother lul arten as ule ngent, durs uot dlsavow the authority ns suoo ns be coureurentl enn, but lles by and permily a person to go ou und deal utth the supposed ngent, or lose in op portuulty of luileumify tog blmselt, this Is un adoption und equorinntion of the sets of the agent
A prinelpal 14 bound by the nets of an agent even after the reineatlon of bls ngeoey, if such tevovation has not been mnie publie or is nuknop u to the party ileallug ulth the ngrul, An agent enn gonerully be held per- soually Itable If he transcends by authority ; but this Is not the case If the party with uhom lte dlenit huen that the nutborfly n ny transcenled
ORIGIN ANO HISTORY OF BANKING
IN geneml banks may be sald to be credit Institutions or dealers lu rredil Jolin Jay Kpor onee sold that "the e velianges of the modern world are bai. ter, elfeeted by the bullreet ageney of the credit system, and banks ninl bankers are tho innebluery by ulileh this Is done," Melnille mnucy and It4 representative, the elreulating note, are only the sunll change nf "Tinite" employed lu the settlement of balances uund small purebases .uil payments, This fuet Is Illustrated by the operations of the Netr Yurk clearing house The exebiges have been nibout 600,000 nitilinus of dollars during the pinst thirty years nblle the balances pulil lu money have only been nbout 30,000 millions, or about four per era[. of the amount of the settlementH.
U hies nlunys been elnimed that the business of banklug arigiunteil with the Venetian moues chungers irho ilisplayerl their unies and nioness on the streets and thus supplied those In need of change According to the most eminent authorities the earliest baulilug Institution lu Europe was the Banh of Venlee, which was founded tu 1179, und was based ngon a foreril loun of the gorerument. Funils deposited lu It could be trausteriedlto others on the hooks of the bath nt the pleasure of the owner, but they rouht not he authdrawn. The perpetuul uunullles of the British debt tire bundled lu a very almllur manner at the present day. The Book of Venivo was con Iluned nptll 3207. th 1101, the Bank of Burreloua nas formed, At at perlod muchearlier than this, the Jewish money -dealers had Invented what a e known un "torelgn bills of exelmuge." but It Is said that this luiuh was the Urat Institutjou that wunde u busturss of negollullog nud Imaodiing them The Buuk of Genun commenced opization In 1107 and for centuries w un one of the principal banks of Europe, It was the first In lespe elrentating notes-whileli were passed only by endorseural, not being pinyablo to br.srer,
The Bank of Hamburg, established In Iditi, was i book of both deposit and etrenlution bused ou Ane sliver bars. This bank, like nearly all of that early time, hud, as n prluelpal object, the protection of the people from woru, sweatrd, clipped and plugged colns, or colny of eertalu em. pires that irero reducel Iu standard value. The remedy generally nyunteil was to lock up the debased and depreelatel cotps and elteulnte the credit grunted for them Vorlons other Iquiks sprang Into existence throughout Europe, unny ot them being powertyl government agencies, and In many coses exerted n wide lulluence lu sunplug the destinles ot cuipires.
I 1001 tbe Bank of England pas ratnbiisheil, sud there Is un banklog lustitution In the world equal to Itin thu huongement of natlounl fpauers The Bank of France woy authorized lu 1800 Di Is pol n Rseal agent of the govurument ws lø that ot Eagloud It does not colleet or dlaburar the revenues of the exelwequer but It tends to It largely, while He credits, In the formi of circulating uotrs and other acceptances, hate borte the govern ment safely through extraonillanty needs
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